Which of the following explains the downward slope of an ordinary demand curve?
(A) Income effect of price change
(B) Substitution effect of price change
(C) Utility Maximising behaviour of consumer
(D) Risk averse behaviour of consumer
Choose the most appropriate answer from the options given below:
1
(A) and (B) only
2
(B), (C) and (D) only
3
(A), (B) and (C) only
4
(A), (C) and (D) only